SME IPOs in 2025 were like toss of coin

MUMBAI: The win-loss ratio in the SME IPO space has been nearly equally distributed in 2025. Of the 254 small and medium enterprises that tapped the primary market and have been listed till Dec 19, this year, 120 stocks were still in the green, while 132 stocks were in the red. And two were at the IPO price level.

Among gainers, the biggest one was up five times over its IPO price while among the losers, the worst performer had lost 82% of its value, data from BSE, NSE and Chittorgarh, a primary market analytics site, showed.

Of the total 254 SME listings in 2025, BSE had the major share with 144 listings while the rest were on the NSE. Among the SME stocks that were listed on the BSE, returns on 63 stocks were positive while 81 destroyed value, giving a gain-loss percent of 44% and 56%.

Of the 110 listings on the NSE, as many as 57 created wealth for investors while the balance 53 destroyed wealth. This gave NSE a gain-loss percentage of 52% to 48%, a winning ratio that was higher than BSE's.

Among all the SMEs that were listed on the bourses during the year, Tankup Engineers was the biggest wealth creator with a more than five-fold jump in its stock price since its April 2025 IPO at Rs 140 (see graphic). This NSE-listed company's shares were listed at Rs 184, and on Dec 19 it closed at Rs 722, a gain of 416%.

According to its offer document, this five-year old company is engaged in manufacturing vehicle superstructure for complex mobility and storage solutions. Its products include self-bunded fuel tanks, mobile diesel bowsers, aircraft refuelers, fire tenders, and ground support equipment.

Among the other top wealth creators of the year in the SME space were Anondita Medicare (stock up 406% since its Sept 1, 2025 listing on NSE), Fabtech Tech (up 296%, BSE), Cryogenic OGS (up 270%, BSE) and Sacheerome (up 265%, NSE), data from Chittorgarh showed.

On the other side of the wealth creation spectrum were stocks that destroyed wealth during the year. Topping the list was Velencia India, which listed on BSE's SME platform in July this year. Compared to its IPO price of Rs 110, on Dec 19 the stock closed at Rs 20, a slide of 82%. The company has presence in real estate, and export-import of food and non-food items globally, it said in the offer document.

Other top value destroyers were Studio LSD (down 75%, NSE), Aten Papers (down 72%, BSE), Swasth Foodtech (down 72%, BSE), and Siddhi Cotspin (down 72%, NSE), data from Chittorgarh showed.



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